DraftKings (DKNG) – Research Analysts’ Recent Ratings Updates

DraftKings (NASDAQ: DKNG) has recently received a number of price target changes and ratings updates:

• 9/9/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 9/4/2024 – DraftKings had its price target raised by analysts at Susquehanna from $47.00 to $48.00. They now have a “positive” rating on the stock.
• 9/4/2024 – DraftKings had its price target raised by analysts at UBS Group AG from $56.00 to $58.00. They now have a “buy” rating on the stock.
• 9/3/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/26/2024 – DraftKings had its “outperform” rating reaffirmed by analysts at Macquarie. They now have a $50.00 price target on the stock.
• 8/20/2024 – DraftKings had its price target raised by analysts at Benchmark Co. from $41.00 to $44.00. They now have a “buy” rating on the stock.
• 8/14/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/14/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $50.00 price target on the stock.
• 8/13/2024 – DraftKings had its price target lowered by analysts at Morgan Stanley from $51.00 to $47.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Barclays PLC from $53.00 to $43.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Wells Fargo & Company from $53.00 to $47.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Oppenheimer Holdings Inc. from $58.00 to $55.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Macquarie from $52.00 to $50.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at Truist Financial Co. from $53.00 to $50.00. They now have a “buy” rating on the stock.
• 8/5/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $48.00 price target on the stock, down previously from $50.00.
• 8/5/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 8/5/2024 – DraftKings had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $60.00 to $54.00. They now have a “buy” rating on the stock.
• 8/2/2024 – DraftKings had its price target lowered by analysts at BMO Capital Markets from $54.00 to $48.00. They now have an “outperform” rating on the stock.
• 8/2/2024 – DraftKings had its price target lowered by analysts at Benchmark Co. from $52.00 to $41.00. They now have a “buy” rating on the stock.
• 8/1/2024 – DraftKings had its price target lowered by analysts at Susquehanna from $49.00 to $47.00. They now have a “positive” rating on the stock.
• 7/24/2024 – DraftKings had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $60.00 price target on the stock.
• 7/22/2024 – DraftKings had its price target lowered by analysts at Bank of America Co. from $54.00 to $50.00. They now have a “buy” rating on the stock.
• 7/18/2024 – DraftKings had its price target lowered by analysts at Macquarie from $54.00 to $52.00. They now have an “outperform” rating on the stock.
• 7/18/2024 – DraftKings had its price target lowered by analysts at Truist Financial Co. from $55.00 to $53.00. They now have a “buy” rating on the stock.

DraftKings Trading Up 2.8 %

DraftKings stock traded up $1.00 during mid-day trading on Monday, hitting $36.11. The stock had a trading volume of 8,169,501 shares, compared to its average volume of 10,706,130. The stock has a 50-day simple moving average of $35.24 and a two-hundred day simple moving average of $39.71. The stock has a market capitalization of $31.39 billion, a PE ratio of -30.60 and a beta of 1.80. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other DraftKings news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,470,537 shares of company stock valued at $54,321,570. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. RDA Financial Network bought a new position in shares of DraftKings during the 1st quarter worth approximately $232,000. LRI Investments LLC bought a new stake in DraftKings in the 1st quarter valued at $31,000. CreativeOne Wealth LLC bought a new stake in DraftKings in the 1st quarter valued at $297,000. Janney Montgomery Scott LLC boosted its stake in DraftKings by 135.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after purchasing an additional 129,294 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in DraftKings by 1.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after purchasing an additional 1,021 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.